Gaming services firm Success Dragon International Holdings Ltd said on Tuesday it was cancelling a proposed placement of convertible bonds announced two weeks earlier.
The firm stated it was “unable to agree on some of the key commercial terms” of the placing exercise with the placing agents.
“The board considers that the termination of the placing will not have any material adverse impact on the operation, business nor financial position of the group,” Success Dragon said in a Tuesday filing to the Hong Kong Stock Exchange.
The document added: “The company will consider all appropriate means of financing for the group’s activities, including but not limited to equity and debt and hybrid financing.”
Success Dragon stated on June 1 it had entered into separate agreements via three agents, to place an aggregate of HKD220 million (US$28.3 million) in convertible bonds.
It said at the time that the terms of the placing arrangements were identical, and on a best efforts basis, and were based on a conversion price of HKD0.83 per conversion share.
The maximum net proceeds from the exercise would have been approximately HKD211.01 million, which would be used for “the development and expansion of the group’s business, investment and general working capital of the group”.
A maximum of 265 million conversion shares would have been allotted and issued upon the full exercise of the conversion rights. That would have represented approximately 15.71 percent of the existing issued share capital of the company, and approximately 13.58 percent of the issued share capital as enlarged by the issue of the conversion shares in full, the group added.
The placing agents were: Kingsway Financial Services Group Ltd; BaoQiao Partners Capital Ltd; and Opus Capital Ltd.
Success Dragon reported a net loss of HKD231.5 million for the fiscal year ended March 31, 2016. The group’s loss widened from the HKD47.3 million recorded in the previous year.
Apr 25, 2018Macau’s casino regulator has approved the introduction of a new betting option for the casino game of baccarat as it is offered in the local market. The announcement was published in the city’s...
Apr 25, 2018
Jan 04, 2018BMM Testlabs “ticks all the boxes” with regard to its...
Dec 08, 2017The regulated casino industry is well versed in dealing...
Oct 23, 2017The presence of some of the leading cloud computing...
Jul 11, 2017The Tokyo local election setback for Japan’s governing...
Jul 06, 2017A multibillion U.S. dollar casino project on Vietnam’s...
"As CEO, I am not interested in looking at the rear-view mirror… I am only focused in the future"
Chief executive of Wynn Resorts and Wynn Macau